SCG Retail has hired Geoff Bailey to expand its Brooklyn retail presence, The Commercial Observer has learned.
Mr. Bailey had worked for just over three years at TerraCRG, a Kings County specialist. He will steer SCG Retail as it increasingly sets its sights on New York’s most populous borough.
Brooklyn commercial real estate brokerage and advisory firm TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million.
The 11,000-square-foot ground floor retail space has over 280 feet of frontage on Flatbush Avenue and is currently occupied by Metropolitan City Read More
In the latest indication of Park Slope and Downtown Brooklyn’s emergence as commercial real estate powerhouses, 76-82 St. Mark’s Avenue (at Flatbush and Sixth Avenues) has sold for $15 million.
The Brooklyn retail real estate brokerage TerraCRG announced the close of the sale today. The 23,900-square-foot property (with 24,000 square feet of air rights), which is fully occupied, holds 15 apartment and three commercial spaces.
The stylish spinning studio SoulCycle broke into New York real estate through an inauspicious channel: Craigslist.
In 2006, co-founder Elizabeth Cutler was scouring available spaces on the go-to online destination for scalped tickets, used furniture and anonymous hookups. “We couldn’t get a broker to call us back,” Ms. Cutler said. “I told [co-founder]Julie [Rice], one day, people will actually call us.”
On the Market
A 105,000-square-foot development site surrounding the Weirfield Coal Company site at 386 Weirfield Street in East Bushwick is on the market for $8.5 million, creating an opportunity for a huge residential development in a neighborhood that is evidently next in line for the gentrification pushing south through northern Brooklyn along the L subway line.
It started with the Bedford stop in Williamsburg. More recently it took hold along the Jefferson and Morgan Avenue stops in northern Bushwick. Now “it’s just a matter of time” before changes grip the area surrounding the Halsey Street subway stop, said Massey Knakal Director of Sales Michael Amirkhanian, who is exclusively marketing the site.
“It doesn’t take a rocket scientist to see that this is moving further south,” he said.
To enter the Pacific Street office of the commercial brokerage firm TerraCRG, visitors must buzz reception and walk a few yards through a parking garage before hanging a right.
There’s Sena, an African hair-braiding salon, next door, and beyond that is a row of brownstones that, with minimal touchups, could be airlifted to Park Slope and go unnoticed.
But TerraCRG also sits practically in the shadow of the Barclays Center, and the eye travels to that rusty bird’s nest as you wait for the welcoming buzz.
This location at the traffic, geographic, demographic, architectural and developmental crossroads of Brooklyn suits TerraCRG, a firm launched by Ofer Cohen in 2008 that keeps a strict focus on the ascendant borough’s commercial real estate market.
Vice President of Retail Services Geoff Bailey joined TerraCRG in June of 2010, with previous experience in Brooklyn from five years in sales at Massey Knakal, where he had worked with Mr. Cohen. Mr. Bailey specialized in southeast Brooklyn back then, but thought there was untapped real estate potential throughout the borough.
On the Market
Two floors encompassing 92,000 square feet of retail space at the luxury residential conversion 185 Wythe Avenue in Williamsburg are on the market.
The leasing agency, TerraCRG, claims in the listing that this is the largest contiguous available retail block in the north Brooklyn neighborhood. Asking rents are at $50 per square foot for minimal divisible lot sizes of 5,000 square feet.
SoulCycle will be opening their first Brooklyn location at 184 Kent Avenue.
The luxury indoor cycling boutique, a subsidiary of Equinox, has inked a fifteen year deal for 4,300 square feet on the ground floor of a new residential building in Williamsburg.
“I targeted SoulCycle as an ideal tenant for the space and made the Read More